Accounting
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What Is Accounting Theory?
If you have ever wondered what accounting theory is, read on! These fundamental principles help accountants produce more accurate and efficient financial statements. The purpose of accounting is to provide organizations with critical financial information that will aid in strategic planning and decision-making. Accountants also benefit from knowledge of accounting theory because it helps them […]
Business
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Understanding Liabilities in Accounting
Liabilities in accounting are accounts that require payment in the future. Examples of this type of account are deferred tax liabilities, unused gift cards, and product recalls. Another type of liability is a contingent liability. These liabilities are those that are contingent on a future event, such as a lawsuit. Liabilities are due to other […]
